White Americans’ Hold on Wealth Is Old, Deep, and Nearly Unshakeable

Discussion in 'Race Relations/Racism' started by NewsVine_Mariyam, Sep 9, 2019.

  1. NewsVine_Mariyam
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    NewsVine_Mariyam Gold Member

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    The following is the essence of the article. I had never heard the term 'Jim Crow Credit' before:

    “First, you legally segregate, and then you let the market do it for you”

    So just to run back the score: Southern slaveholding families were able to recuperate post-Civil War wealth losses within one generation, and by 1940 even those families’ grandchildren were doing better than their Southern peers. Also by 1940, low-income and working-class white families are ushered into wealth via federally backed housing and farming loans and derivative lines of credit. In that same time, freed African Americans are mostly robbed of what little bit of land they were able to possess after the Civil War, and passed over for the mortgage loans and credit lines awarded to white families.

    In order to create, lose, and then re-create wealth—and then create new forms of wealth for other low-income white families—white families leveraged social networks and credit. This is the community context that the McKinsey report identifies as one of the crucial components needed for families to build wealth. Most African Americans were never able to develop this, and in the few areas where they did accumulate community-level wealth, it was taken from them. And they were unable to recover it due to racist residential and spatial settings.


    The Amazing Resiliency of White Wealth - CityLab
     
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  2. harmonica
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    harmonica Gold Member

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  3. irosie91
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    irosie91 Diamond Member

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    oh goody------based on my skin -------I AM RICH because of my extensive
    "SOCIAL NETWORKS"---well----actually----during a time of family
    stress----my white as snow big brother (at that time a teen) could not
    even get a job as a caddy in the local "country club". ------speaking of credit
    credibilitiy-------I have never checked my own credit score------does the report
    come with a comment on the hue of my skin? I WONDER if there are other
    factors in "wealth" recovery or accrual other than ---DERMO-HUE
     
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  4. harmonica
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    harmonica Gold Member

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    so a black says whites are evil---I'm SHOCKED
    black says whites are evil = bullshit
    [​IMG]
     
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  5. harmonica
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    harmonica Gold Member

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    it's the black culture that keeps blacks down--a cycle
    they are having kids when they are not financially ready = cycle of failure
     
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  6. irosie91
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    irosie91 Diamond Member

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    there are several anthropological works-----mostly elaborated or popularized
    during the 1960s that you have not INTERNALIZED
     
  7. harmonica
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    harmonica Gold Member

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    ........you--- seriously --link an article by a black man who says ''white'' this and ''white'' that and expect people with brains to believe this shit????!!!
    hahahahahahahah
     
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  8. harmonica
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    harmonica Gold Member

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    what?
     
  9. harmonica
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    harmonica Gold Member

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    ......my brother works for a loan company and he says they go out of their way to give blacks loans
     
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  10. TroglocratsRdumb
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    TroglocratsRdumb Gold Member

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    Left Wing racism and bigotry Is Old, Deep, and Nearly Unshakeable
     
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